Hyundai Motor reshapes overseas portfolio toward future mobility

Hyundai Motor Group is overhauling its overseas operations to prioritize future mobility technologies, while scaling back investments in conventional sales areas. Following last month’s CES tech fair, the carmaker is presenting itself not as a conventional automaker, but as a tech firm driving future mobility in the age of physical artificial intelligence (AI). The move is clear when looking at the company’s latest overseas business realignment. The group made headlines after deciding not to repurchase its factory in Russia, a move that officially ends its manufacturing presence in the country amid persistent geopolitical risks tied to the Russia-Ukraine war. In December 2023, the carmaker sold its 100 percent stake in the St. Petersburg plant to a Russian firm for just 140,000 won ($96), with a buyback option allowing Hyundai to repurchase the facility within two years. That option expired at the end of January. Hyundai Motor and Kia were the top-selling carmakers in Russia together before the war broke out in 2021. Their combined market share reached 23.6 percent that year, but afteWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times